Friday, January 9, 2009

The fundamentals of our economy

are absolutely horrible.

Last year's steep drop in employment marked the highest yearly job-loss total since 1945, the year in which World War II ended.

Economists surveyed by had forecast a loss of 525,000 jobs in the month.

According to the Labor Department's monthly jobs report, the unemployment rate rose to 7.2% last month from 6.7% in November and higher than economists' forecasts of 7%.

The unemployment rate, which is compiled in a separate survey from the payroll number, was at its highest level since January 1993.